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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
shares are granted twice yearly, on January 1 and July 1, and are exercisable on the succeeding June 30 or December 31. A total of 153.0 million shares of
common stock have been reserved for issuance under the 1989 Plan. The following table summarizes the 1989 Plan activity in the years ended December 31,
2011, 2010 and 2009 (table in thousands, except per share amounts):
For the Year Ended
December 31, 2011 December 31, 2010 December 31, 2009
Cash Proceeds $ 141,023 $ 120,694 $ 115,312
Common shares purchased 6,899 6,949 10,324
Weighted-average price per share $ 20.44 $ 17.37 $ 11.17
EMC Information Infrastructure Stock Options
The following table summarizes our option activity under all equity plans since January 1, 2009 (shares in thousands):
Number of
Shares
Weighted Average
Exercise Price
(per share)
Outstanding, January 1, 2009 250,119 $ 19.14
Options granted relating to business acquisitions 24,089 5.68
Granted 14,243 15.20
Forfeited (10,178) 14.64
Expired (14,953) 29.35
Exercised (28,402) 8.85
Outstanding, December 31, 2009 234,918 18.31
Options granted relating to business acquisitions 12,595 5.57
Granted 3,286 20.07
Forfeited (6,632) 14.36
Expired (14,970) 70.59
Exercised (56,781) 11.63
Outstanding, December 31, 2010 172,416 15.23
Options granted relating to business acquisitions 141 3.24
Granted 1,665 25.31
Forfeited (4,159) 13.00
Expired (13,866) 40.05
Exercised (44,659) 11.91
Outstanding, December 31, 2011 111,538 13.69
Exercisable, December 31, 2011 78,845 13.33
Vested and expected to vest, December 31, 2011 109,546 $ 13.68
At December 31, 2011, the weighted-average remaining contractual term was 4.3 years and the aggregate intrinsic value was $649.5 million for the
78.8 million exercisable shares. For the 109.5 million shares vested and expected to vest at December 31, 2011, the weighted-average remaining contractual
term was 5.1 years and the aggregate intrinsic value was $868.9 million. The intrinsic value is based on our closing stock price of $21.54 as of December 31,
2011, which would have been received by the option holders had all in-the-money options been exercised as of that date. The total pre-tax intrinsic values of
options exercised in 2011, 2010 and 2009 were $619.2 million, $470.2 million and $191.6 million, respectively. Cash proceeds from the exercise of stock
options were $532.4 million, $660.0 million and $251.1 million in 2011, 2010 and 2009, respectively. Income tax benefits realized from the exercise of stock
options in 2011, 2010 and 2009 were $126.7 million, $75.3 million and $30.9 million, respectively.
EMC Information Infrastructure Restricted Stock and Restricted Stock Units
Our restricted stock awards are valued based on our stock price on the grant date. Our restricted stock awards have various vesting terms from the date
of grant, including pro rata vesting over three or four years, cliff vesting at the end of three or five
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